What information will your broker ask you to provide?

When you ask to enlist the services of a broker, they will probably ask you for the following documentation:

• Identification, including photo ID, such as a drivers licence
• Income verification documentation, such as recent payslips
• Proof of your contribution towards the transaction, such as savings or deposit statements

Depending on the lender or bank you would like your broker to apply to for your loan, you may also be asked to provide:

• A recent PAYG summary
• A notice of assessment from the Australian Taxation Office
• Tax returns
• Purchase contracts for a home loan, including building contracts, or plans if building

Why is this important?

While it may seem that you are climbing the Mount Everest of paperwork, a broker will ask for all of this to ensure they are protecting you and that they get the best possible deal.

Will a bank ask for the same documentation?

If you apply for a loan with a bank that you do not currently have an account with, they will require much of the same information as a broker would.

Although borrowers may be able to avoid the paperwork by applying for a loan with their current bank (which will already have a lot of the information on file), this means being constrained by the products that bank offers and risking missing out on a potentially better deal.

Saving you time and money

A broker can usually tell a client within 10 minutes whether they have a chance of obtaining loan approval. If a client is not yet able to obtain a loan or has a credit issue on their file, such as a default, having a broker on-side can be invaluable.

For more information, contact me on 0402 203 303 or email me at [email protected]